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Loan Options if any?

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farmerm Joined: 27 Oct 2008 Posts: 1 1.37 Dollars($)	Posted: Mon Oct 27, 2008 9:46 am    Post subject: Loan Options if any? Like 0 Dislike 0 Here is my situation, Bought in AUG 08, paid 235K, house should appraise between 240K-250K. Need 8k,which half is needed to pay off debt, the other half to do a few improvements. What is the best route to get money? Tried to secure a personal loan, but was shot down by Wells Fargo and Citi! Any help would be greatly apprieciated.
Ms. Miller Guest	Posted: Mon Oct 27, 2008 12:07 pm    Post subject: You are denied Like 0 Dislike 0 Not enough equity to get 8K. With closing costs, and everything involved with taking cash out, you will not be approved for a refinance or equity line of credit.
Guest Guest	Posted: Mon Oct 27, 2008 1:06 pm    Post subject: Like 0 Dislike 0 I know some states like Texas allow you to tap into 125% of your home's equity? Is Virginia similiar in that aspect?
jameshogg Joined: 20 Dec 2005 Posts: 10164 Location: Nevada 944.24 Dollars($)	Posted: Mon Oct 27, 2008 10:09 pm    Post subject: Like 0 Dislike 0 Hi Guest! Yes, I have heard of the Home equity loan or HELOC (line of credit) - up to 125% equity. I would recommend you to speak to some of the lenders. This will help you to get a clear idea. You may try for a cash out refinance if possible but you will have to check with the lender. Terms and conditions of the loans may differ from one lender to another. Thanks.
brian1 Community Expert Joined: 14 Jun 2008 Posts: 448 Location: Northern California 15.61 Dollars($)	Posted: Wed Oct 29, 2008 6:25 pm    Post subject: Like 0 Dislike 0 There are no 125% loans available in this market. Guest not sure where you heard the info on TX but TX is one of the toughest to get cash out they cap it at 80% _________________ Licensed Broker 50 states http://www.aimwithfocus.com Live Chat available Need quick advise email or PM Glad to help Pre-approvals www.applyonlinesecure.com
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12371 Location: bloomfield, ct 57.76 Dollars($)	Posted: Thu Oct 30, 2008 8:17 am    Post subject: Like 0 Dislike 0 honestly, there's too little information here to provide a reasonable opinion. we don't know the credit situation, nor do we know the balance of the existing mortgage. ms. miller, i think you jumped the gun with your comments. of course, having purchased in august of 2008 will definitely prevent a refinance. perhaps you just need to slog along as you are with that $8000, unless you can find a credit union or the like to grant a personal loan. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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